Teekay Tankers (NYSE:TNK) Shares Pass Above 200 Day Moving Average – Should You Sell?

Teekay Tankers Ltd. (NYSE:TNK) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $69.70 and traded as high as $71.75. Teekay Tankers shares last traded at $71.6030, with a volume of 292,280 shares changing hands.

Wall Street Analyst Weigh In

TNK has been the subject of several recent research reports. Evercore reaffirmed an “outperform” rating and set a $86.00 price objective on shares of Teekay Tankers in a research report on Friday, May 15th. Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a research report on Wednesday, June 24th. Wall Street Zen cut shares of Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 20th. Zacks Research upgraded shares of Teekay Tankers from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 21st. Finally, Bank of America increased their price target on Teekay Tankers from $69.00 to $75.00 and gave the company an “underperform” rating in a research report on Wednesday, May 20th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.00.

Teekay Tankers Stock Up 3.3%

The firm has a 50 day simple moving average of $74.31 and a 200-day simple moving average of $69.70. The stock has a market cap of $2.47 billion, a P/E ratio of 5.82 and a beta of -0.22.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings data on Tuesday, March 31st. The shipping company reported $3.69 EPS for the quarter. Teekay Tankers had a net margin of 42.60% and a return on equity of 16.34%. On average, equities analysts anticipate that Teekay Tankers Ltd. will post 13.75 earnings per share for the current year.

Teekay Tankers Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Tuesday, May 26th were paid a $0.25 dividend. The ex-dividend date was Tuesday, May 26th. This represents a $1.00 dividend on an annualized basis and a yield of 1.4%. Teekay Tankers’s dividend payout ratio is 8.13%.

Insiders Place Their Bets

In other Teekay Tankers news, Director David Schellenberg sold 7,031 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $71.53, for a total value of $502,927.43. Following the transaction, the director directly owned 7,445 shares of the company’s stock, valued at $532,540.85. This represents a 48.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Teekay Tankers

Institutional investors and hedge funds have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Teekay Tankers during the fourth quarter worth approximately $28,000. Kemnay Advisory Services Inc. acquired a new position in shares of Teekay Tankers in the fourth quarter valued at about $33,000. Leonteq Securities AG acquired a new position in shares of Teekay Tankers in the fourth quarter valued at about $34,000. Global Trust Asset Management LLC bought a new stake in Teekay Tankers in the 1st quarter valued at about $46,000. Finally, Aster Capital Management DIFC Ltd grew its position in shares of Teekay Tankers by 2,948.6% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,067 shares of the shipping company’s stock worth $57,000 after purchasing an additional 1,032 shares in the last quarter. Institutional investors and hedge funds own 52.67% of the company’s stock.

Teekay Tankers Company Profile

Teekay Tankers Ltd is an oil tanker shipping company that owns and operates a fleet of modern crude oil and petroleum product tankers. Listed on the New York Stock Exchange under the ticker symbol TNK, the company provides seaborne transportation services for crude oil, refined petroleum products and petrochemicals. Its operations range across major global trade lanes, offering a mix of spot market voyages and time-charter contracts to a diverse customer base in the oil and energy sector.

The company’s fleet includes a mix of Medium Range (MR), Long Range (LR1 and LR2), Suezmax and Aframax tankers designed to meet various cargo specifications and port restrictions.